United Utilities sells Vertex to Oak Hill Capital Consortium for 217.5 mln stg |
|
|
|
Published
:
Mon, 15 Jan 2007 08:39
|
(refile)LONDON (AFX) - United Utilities PLC is to sell its business process outsourcing arm Vertex to a consortium of US-based private equity firms led by Oak Hill Capital Partners for 217.5 mln stg.The buying team, which also includes GenNx360 and Knox Lawrence International, should complete the sale in March.The deal comprises cash, the repayment of intra-group debt and the retention by the purchaser of certain of Vertex's liabilities.United Utilities announced at its 2006/07 interim results last month that its had taken the strategic decision to sell Vertex as it now intends to focus on managing water, wastewater, electricity and gas networks.'We believe this transaction serves the best interests of our shareholders,allowing the group to concentrate on its core skills,' said United Utilities chief executive Philip Green.'We aim to be a world class operator of utility infrastructure.'Oak Hill Capital Partners is a private equity firm with over 4.6 bln usd of committed capital from leading entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions.newsdesk@afxnews.comgh/amCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
|
|
|
|
Print this Story
United Utilities to sell Vertex in 217 mln stg US deal - report 